Mettler-Toledo International, Inc. (MTD) vs Waters Corporation (WAT)

Mettler-Toledo International, Inc. and Waters Corporation are both Diagnostics & Research companies. Waters Corporation is the larger, with a market value of $42.3B against $30.4B — 1.4× the size. Mettler-Toledo International, Inc. trades at the lower P/E: 33.9× against 108×. Waters Corporation grew revenue faster over the last twelve months: 52.5% against 6.91%. Mettler-Toledo International, Inc. has the higher net margin (21.9% vs 3.59%) and the higher return on invested capital (35.4% vs 1.05%). Across the 22 metrics below, Mettler-Toledo International, Inc. leads on 15 and Waters Corporation on 7.

Valuation

Metric MTD WAT Diagnostics & Research median
P/E 33.94 107.97 33.95
P/S 7.36 9.18 4.87
P/B 2,372.01 2.81 3.12
Price to free cash flow 35.21 116.27 34.02
EV/EBITDA 24.88 49.82 25.20
EV/Sales 7.86 10.11 5.66
Earnings yield 2.95% 0.93% (1.75%)
Free cash flow yield 2.84% 0.86% (0.13%)

Profitability

Metric MTD WAT Diagnostics & Research median
Gross margin 60.26% 50.89% 50.89%
Operating margin 28.41% 7.10% (8.57%)
Net margin 21.91% 3.59% (6.37%)
Free cash flow margin 20.90% 7.89% 0.00%
Return on equity (736.36%) 1.92% (2.92%)
Return on assets 25.61% 1.13% (6.71%)
Return on invested capital 35.40% 1.05% 0.00%

Growth

Metric MTD WAT Diagnostics & Research median
Revenue growth (TTM) 6.91% 52.47% 7.69%
EPS growth (last fiscal year) 3.88% 0.47% —
Revenue growth, 5-year CAGR 5.47% 6.00% 7.40%
Net income growth, 5-year CAGR 7.60% 4.26% 0.00%

Health

Metric MTD WAT Diagnostics & Research median
Debt to equity 164.70 0.32 0.11
Current ratio 1.12 1.86 2.02
Net debt to EBITDA 1.68 0.36 0.78

Dividend

Metric MTD WAT Diagnostics & Research median
Dividend yield — — 0.70%
Payout ratio 0.00 0.00 0.00

Size

Metric MTD WAT Diagnostics & Research median
Market cap 30.44b 42.28b 2.56b

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